The Arizona Western College District Governing Board has unanimously voted to refinance bonds to save taxpayers money.
The board “elected to accept a refinance plan of $28.6 million in outstanding college bonds, which is expected to be a cost savings of nearly $1.37 million over the next 7.3 years for Yuma and La Paz County taxpayers.”
The refinancing plan was brought before the elected governing board by Carole Coleman, AWC Vice President of Finance and Administrative Services. Coleman said her goal was to achieve a 3 percent net present value savings, and it was exceeded at 4.8 percent net present value savings.
The bonds paid for building projects on AWC’s campuses in Yuma, Parker, San Luis and Wellton.
“This has taken some work to organize on the College’s end, even though it doesn’t benefit them directly,” said board member Melissa Wright. “It just shows that fiscal responsibility is a priority for them.”
“This is a great partnership with taxpayers,” said AWC President Glenn Mayle. “We are grateful for the trust the public places in us, and the resources they make available to us. This is one thing we can do to maximize efficiency and return some tax dollars.”